The Raptors reached a verbal agreement with the star point guard late Wednesday evening, sources confirmed to the Sun. Yahoo! Sports first reported the deal would be a four-year, $48-million package, with Lowry having the option to opt out before the final year.

Lowry put a picture of himself on Instagram wearing a throwback purple, No. 15 Raptors jersey, with the caption: “This ain’t Amir jersey y’all!! Lol….. it’s for the 2014-15 season cause Toronto will be my home city.”

The agreement was the biggest piece of Raptors business in years and a crucial moment for a franchise that has seen stars like Vince Carter, Tracy McGrady and Chris Bosh eventually engineer exits.

Lowry, 28, averaged 17.9 points, 7.4 assists and 4.7 rebounds per game this past season in an all-star calibre campaign and led the Raptors, along with close friend DeMar DeRozan, to a seven-game series loss against the Brooklyn Nets in the first round of the playoffs.

Lowry had been in considerable demand from teams like the Houston Rockets and Miami Heat, but was Toronto’s top priority and equally importantly, had finally found a home after stops in Memphis and Houston.

At locker clean-out day, not long after Lowry had failed to hit a shot to carry Toronto past Brooklyn, the point guard had said “of course I can see myself back.

“It’s not really convincing (that needs to be done on Toronto’s part). It’s just one of those things where I have to sit down and look at everything, weigh the options and do what’s best for myself and my family.”

Leiweke, the president and chief executive officer of Maple Leaf Sports and Entertainment, had been emphatic back in April that Lowry would not depart.

Speaking on George Stroumboulopoulos Tonight, Leiweke said yes when asked if he will sign Lowry.

Leiweke pointed to the bond between Lowry and Ujiri that had seen Toronto’s GM get the best out of a player that had tremendous natural talent, but had not always channeled his emotions the proper way. This year, everything clicked, and Lowry was a force from the start, especially picking up his game once he got more responsibility, with the ball in his hands far more often once friend Rudy Gay was dealt to the Sacramento Kings in a multi-player deal.

“This has been one of the best seasons I’ve had through and through. Best coaches, teammates, upstairs. It’s been great. I am happy. Without a doubt I can say I’m happy,” Lowry said when the season had come to a close.

The Raptors had been extremely confident after meeting with Lowry and representative Andy Miller earlier this week. However, one member of the organization said that as confident as the franchise was at retaining Lowry, until he actually signed on the dotted line, no one could rest easy.

They can get some sleep now, even if nothing can become official until midnight on July 10, when the NBA’s needlessly long moratorium period finishes.

Attention can now shift to retaining restricted free agents Patrick Patterson and Greivis Vasquez, both of whom were acquired in the Gay trade. The Raptors can match any offer. Vasquez has said he would be “heartbroken” not to return, but Lou Williams was recently acquired in a deal with the Atlanta Hawks and there are only so many back-court minutes to go around.

Patterson enjoyed his stay, but has been less committed to a return. Lowry was an unrestricted free agent, available to the highest bidder and Patterson, for one, had made it clear he wanted him back.

“He sacrifices his body on every single play and he plays with a lot of heart and passion,” Patterson said.

“If Toronto wants to get better in the future, have someone to build around and be the key, the glue for the basketball team, what better person to start with than Kyle?”

Still, Ujiri came close to dealing Lowry to the New York Knicks before the trade deadline last season, when it looked like the team would rebuild following the Gay deal.

But Lowry caught fire and Patterson and, later, Vasquez were superb as well, as the team won the Atlantic Division and nearly took out a Nets team that had the highest payroll in the history of the NBA.

Lowry is extremely close with DeRozan, who said throughout that Lowry was not going anywhere. Lowry recently showed up in town for a charity gala organized by Ujiri in honour of Nelson Mandela. DeRozan and Amir Johnson also were there, but they were already under contract with the club. Lowry’s presence said a lot.

Make no mistake, there is risk for the Raptors with this deal — $12 million a season is no small amount and if Lowry shows up out of shape and petulant like he did for his first season as a Raptor, this could all go sideways quickly.

But, for so many reasons, there was only one choice for a franchise so desperate to shed its image as an NBA poor sister.

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